Statistical Reasoning for Everyday Life (5th Edition)
5th Edition
ISBN: 9780134494043
Author: Jeff Bennett, William L. Briggs, Mario F. Triola
Publisher: PEARSON
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Chapter 9.2, Problem 46E
To determine
Test the claim that the population
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Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
Chapter 9 Solutions
Statistical Reasoning for Everyday Life (5th Edition)
Ch. 9.1 - Hypotheses and Hypothesis Tests. What is a...Ch. 9.1 - Null and Alternative Hypotheses. What is a mill...Ch. 9.1 - Hypothesis Test Outcomes. What are the two...Ch. 9.1 - P-Value. What is a P-value for a hypothesis?Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Significance. The results of my hypothesis test...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...
Ch. 9.1 - Prob. 11ECh. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - What Is Significant? In testing a method of gender...Ch. 9.1 - What Is Significant? In testing a method of gender...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Prob. 19ECh. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.2 - Notation. Briefly describe what each of the...Ch. 9.2 - Standard Score. When testing a claim about a...Ch. 9.2 - Critical Values. What do we mean by critical...Ch. 9.2 - Prob. 4ECh. 9.2 - Prob. 5ECh. 9.2 - Prob. 6ECh. 9.2 - Does It Make Sense? For Exercises 512, determine...Ch. 9.2 - Prob. 8ECh. 9.2 - Prob. 9ECh. 9.2 - Prob. 10ECh. 9.2 - Prob. 11ECh. 9.2 - Prob. 12ECh. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Prob. 27ECh. 9.2 - Prob. 28ECh. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Prob. 30ECh. 9.2 - Prob. 31ECh. 9.2 - Prob. 32ECh. 9.2 - Prob. 33ECh. 9.2 - Prob. 34ECh. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Prob. 38ECh. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Prob. 41ECh. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Prob. 44ECh. 9.2 - Prob. 45ECh. 9.2 - Prob. 46ECh. 9.2 - Prob. 47ECh. 9.2 - Prob. 48ECh. 9.2 - Prob. 49ECh. 9.2 - Type I and Type II Errors. In Exercises 4952, a...Ch. 9.2 - Prob. 51ECh. 9.2 - Prob. 52ECh. 9.3 - Notation. What do n, p, p, and P-value represent?Ch. 9.3 - Standard Score. When testing a claim about a...Ch. 9.3 - Prob. 3ECh. 9.3 - P-Value. A P-value of 0.00001 is obtained when...Ch. 9.3 - Prob. 5ECh. 9.3 - Prob. 6ECh. 9.3 - Prob. 7ECh. 9.3 - Does It Make Sense? For Exercises 59, determine...Ch. 9.3 - Prob. 9ECh. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Prob. 11ECh. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Prob. 16ECh. 9.3 - Prob. 17ECh. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9 - A random sample of 40 quarters minted after 1964...Ch. 9 - In a study of smokers who tried to quit smoking...Ch. 9 - Finding a Job Through Networking. In a survey of...Ch. 9 - A medical student wants to test the claim that...Ch. 9 - Identify the null and alternative hypotheses for...Ch. 9 - Identify the null and alternate hypotheses for...Ch. 9 - Identify the null and alternative hypotheses for...Ch. 9 - Prob. 4CQCh. 9 - Prob. 5CQCh. 9 - Prob. 6CQCh. 9 - In Exercises 510, assume that we want to use a...Ch. 9 - Prob. 8CQCh. 9 - In Exercises 510, assume that we want to use a...Ch. 9 - Prob. 10CQ
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